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1、SHA-4309-03690-08-15d.PPT-x,D. Restructuring options,SHA-4309-03690-08-15d.PPT-x,D1. General options and pre-selection,SHA-4309-03690-08-15d.PPT-x,In China, as far as foreign investment enterprise is concerned, there exist three main restructuring categories,Restructuring of investment projects in C
2、hina,Turnaround of JV,Equity structure restructuring,Withdrawal,SHA-4309-03690-08-15d.PPT-x,On the basis of favorable results of market and competitive analysis, option category I and II are most commonly used for companies long-term development,Charact -eristic,Option 1: Turnaround of JV,Option 2:
3、Equity structure restructuring,Performance improvement without changing the equity structure,Performance improvement with equity structure change Buyout,Option 3: Withdrawal,Withdrawal from existing investment projects Sell out equity Termination Bankruptcy Freezing (walk away),Examples,Bosch Siemen
4、s Siemens Bayer Henkel ABB,Dinova BOSCH Thermo Technik Linde forklifter,Whirlpools refrigerator JV in Beijing Peugeot Guangzhou Liebherr Siemens,SHA-4309-03690-08-15d.PPT-x,The general methodology is to filter options with killer criteria and hard criteria to screen out restructuring alternatives,Po
5、tential options,Pre-selection,In-depth evaluation,Conclusion,Killer criteria,Hard criteria,Solve key problems Secure future success,General Cost Time Risk,Integration (GSHA-GDAI) Sales & marketing Management Others,Procedure,SHA-4309-03690-08-15d.PPT-x,At pre-selection stage, turnaround, sell out eq
6、uity and freezing can be eliminated with killer criteria,Pre-selection,Chinese Partner in?,Killer criteria,Solve key problems,Secure future success,Pass?,Remarks,I. Turnaround,II. Equity structure restructuring - Equity buyout,III. Withdrawal (1) Sell out equity (2) Termination (3) Bankruptcy (4) Fr
7、eezing,Yes,No,Yes No No Yes,No,Yes,No Yes Yes No,No,Yes,No Yes Yes No,No,Yes,No Yes Yes No,Its very hard to implement future integration and consolidation without full control the board of directors,Geberit gains full control,Its almost impossible to find a buyer It opens the way for a new start It
8、opens the way for a new start Freezing will ruin Geberits relation with local government, thus causing potential hurdle for future presence and trouble to GDAI,SHA-4309-03690-08-15d.PPT-x,Definition of some options,SHA-4309-03690-08-15d.PPT-x,Some key problems of GSHA are closely linked to the Chine
9、se partner. A clean break can only be assured by a separation,The VGM of Lida maintains an unofficial network consisting of former Lida-employees. He often uses this network to secure his personal interests Since this VGM has direct access to personnel files (Fuehrungszeugnis) some employees were bl
10、ackmailed if they didnt cooperate with him In context with the Nanxiang production site the VGM should have accepted a considerable amount of kickbacks, said some former GSHAs employees,SHA-4309-03690-08-15d.PPT-x,Key statement from some former GSHA employees on Mr. Cai (1),There is no cooperation b
11、etween two partners from the very beginning. Mr. Cai said “ we make this joint venture bankrupt in 3 years. We can restart again by ourselves.“ “ It does not matter that Geberit is losing money in China. It took Geberit 10 years to make profits overseas, it needs the same time in China as well. Anyh
12、ow, it is Geberits money. “ Mr. Cai has extensive network in the industry but he does not use it for Geberit products. In contrast, he introduced the business for other companies that have close relationship with him. All the important decisions regarding personnel recruiting are made by Mr. Cai. Mr
13、 Schuette does not and is not able to influence these decisions. Some of these decisions are against Geberits interests, for example, some Chinese employees intend not to do the work properly and some key persons in key positions are not qualified, such as production, stock control, CCS etc. The con
14、trol system in the company is totally scrapped. At the beginning of the joint venture, about RMB600K machines and 100 moulds were lost without any record. The warehouse only checks the book records rather than real goods. As a result there is difference between the book number and the real amount. T
15、his is especially serious on the incoming raw materials. They suspect that some financial accounts, especially done by Mr. Chang daohua, are false. The so-called scrapped products and the waste raw materials are sold in a not transparent way, i.e. no specific price and no invoice. The responsible pe
16、rson is appointed by Mr. Cai. Due to the poor control system in all areas waste is high. Auditing is extremely necessary.,SHA-4309-03690-08-15d.PPT-x,Key statement from some former GSHA employees on Mr. Cai (2),Geberit products technological know-how is obtained by Lida. Mr. Cai assigned one person in CCS (Ms. Ying Hua) and has obtained relevant technological information. It is possible for Lida to produce similar products if Geberit withdraws from
